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exploded during the bush years, obama added on top of that. let's remember all the sequester does is shave off a little bit of the built-in growth of government spending. over the next ten years, the budget, even with the sequester, will go from $3.5 trillion to $5.9 trillion. we're still going to get $2.4 trillion more spending. we're just not going to get $2.5 trillion more spending. i view the sequester as a very tiny step in the right direction. >> jared, you look at some of these figure, if you include the emergency money more hurricane sandy, that just means we've had a 30% increase since 2008. now under the so-called sequester, we'll have a 5% increase. it's not like we're ripping the government to shreds. >> look, the way this works is you get negative fiscal impulse when you do less then th year than you did last year. let's go to the non-partisan congressional budget office. they told us on tuesday this year they expect the economy to grow 1.4%. i don't think there's anybody listening to my voice on our financial news network of cnbc who likes that number, 1.4%. i suspect you don
obama. once again obama is pushing for higher taxes. don't take our word for it. listen to what he said last night just before the sboel. >> there is a way to solve the budget problems in a responsible way through a balanced approach that the vast majority of people agree with. if we do there is no reason we can't have strong growth in 2013. we can't b have washington dysfunction getting in the way. >> with all respect, free market capitalism is the best path to prosperi prosperity. more tax hikes will not hurt this economy. let's not push our luck. republicans will block it. we'll be right back. ♪ if loving you is wrong ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. >>> stock market correction today. i still believe rising profits and an easy fed will keep the bull market going -- at least until the president tax bombs us to death again. that's what obama said before the super bowl yesterday which could be the real reaso
and they'll do it >>> good evening. i'm larry cud doe. this is "the kudlow report." president obama's poll numbers are way down and lack of jobs is the key reason. the president has no priority growth plan. the s & p 500 stock index did rise for the sixth straight week. but a key question tonight is whether apple will pay a bigger dividend with its excess cash. plus is there really a global currency war that could disrupt the entire world financial scene? >>> and then what about benghazi? at a key senate hearing, the secretary of defense revealed after five months that while four americans died tragically, president obama and hillary clinton were awol and the defense department and the joint chiefs of staff were apparently unable to do anything to save our boys. tough story. we'll talk about it. "the kudlow report" begins right now. >>> first up the big story this evening. the northeast getting pounded with snow. nbc's jay gray is in boston, and that's still expected to be where the worst of it will happen. jay, governor patrick in massachusetts ordered all cars off the road at 4:00 p.m. t
report." all right, yesterday gdp fell slightly. today jobless claims jumped by 38,000. so is the obama economy really slumping? and how stupid is it for the president to dissolve his jobs council, which by the way was nothing more than business window dressing anyway. at least today congress did pass a debt ceiling extension so we won't go bankrupt immediately. joining me now, cnbc chief international correspondent michelle caruso cabrera and laffer. i want to ask you about this whole business. government spending on defense really collapsed and helped bring down yesterday's gdp. >> yes, it did. >> so all the liberals are saying see, we told you so, if you cut spending, you're going to ruin the economy. do you believe that? >> no, not at all. government spending is taxation. milton always said it. the government redistributes resources. you can see it really clearly. two-person world, farmer a and farmer b, if farmer b gets unemployment benefits, who do you think pays for them, farmer a? you know, government spending is taxation. the reason we have the great recession is because of the
conference today, president obama sounds a dire economic warning over the sequester he calls for yet another delay in those spending cuts. and he calls for another tax increase. now it's up to republicans to respond. remember, spending cut sequester goes into effect in 24 days on march 1st. the sequester by the way was originally the president's idea. let's get right to what the president said. john harwood joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is s
the same size as it was when president obama took office, the unemployment rate today would be over 10%. this is a number nobody talks about anymore. it's a stunning number. there's simply not enough people in the workforce. and that's what makes me worry about the long-term viability of the recovery. >> and people are still withdrawn. 169,000 left the labor force in the month of january. that cannot be good. 8.5 million people are not even over the labor force in the past four years. 8.5 million people have withdrawn from the labor force. i mean, that's a terrible number. i'm not making a case, by the way. i'm not a bull on the economy because i think there are too many problems on policies and whatnot. but these jobs numbers generally, they keep looking very, very, very mediocre. >> i tell my folks back home, we can ignore the rates, ignore the revisions. the one question, the one question only is how many jobs did we create last quarter? until that number is 200,000 or 250,000 i think there's a lot to be concerned with. >> the one thing i'll ask, though, i know you're not here for y
employs. >> this is the worst defense i have heard. this is an obama-type defense on spending cuts. next thing you want is revenues to help the post office go through. what's go pac? i'm sorry. >> it's a teachable moment as guy talked about. this is what happens when you allow the government to come in and run an industry that in treery is private. it is not. any decision the post office wants to make to become more efficient, they have to say mother may i. in this administration you see whether it's the epa that wants to continue to regulate the energy industry, trying to do more in the car industry, trying to take over the health care industry. >> can i just interject? you see the problems between government has mother may i decisions over the economy. >> it has nothing to do with the obama administration. the problems of the post office go back way before president obama existed. the reality is it's an inefficient organization that has to answer to the government to make decisions. the problem is people aren't using the post office. >> let me make a quick point. first of all it's not
breaking news stories this hour. president obama to speak in 15 minutes time. he will ask congress to come up with short-term packages to put off automotiatic spending cuts. hampton, we begin with you, budget office right now releasing its budget and economic outlook. give us details. >> reporter: the budget office, assumes no change in current laws, 2013 fiscal year budget deficit, $845 billion. cbo projects first time below $1 trillion since 2008, 5% of gdp, well below the peak of 2009. saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal h
the nation's security would be compromised by the sequester cuts. is that true? president obama's undersecretary of defense says prudent cuts are necessary and comparable. and we'll talk about using drone strikes to kill traitorrous citizens overseas. "the kudlow report" begins right now. >> first up president obama is starting to feel the heat. republicans are less and less likely to give in to his demand to raise taxes and they are publicly presenting a united front over impending budget cuts. that means sequester, which was obama's idea. it's going to happen. but listen to how the president attacked republicans today. >> they recognize that the sequester is a bad idea, but what they have suggested is the only way to replace it now is for us to cut social security, cut medicare and not close a single loophole, not raise any additional revenue from the wealthiest americans or corporations. >> there you go. additional revenue. joining me, robert costa. i was at the heritage foundation's seminar today for new and old congressional members. the vibe i picked up is, a, no new taxes
the by that release and after the numbers we eke talk. >>> plus, president obama is asking congress to come up and new tax revenues in order to help the deficit. we'll have a conversation with represent dave camp coming up later in the program. stay with us. m charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to
.e.c. commissioners from ruling on many cases, and president obama's nominee to run that agency now, mary jo white, could make it even harder for things to get done if she's approved by the senate. eamon javers is in washington to explain. eamon? >> reporter: hi, bill, the "wall street journal" reported today that a raft of conflict of interests at the s.e.c. could make it difficult for the wall street watchdog to weigh in on high-profile matters, issues that some the s.e.c. have worked on for past employers. for example, "the journal" said president obama's s.e.c. chair nominee mary jo white would not be able to vote on any case involving jpmorgan for two years after taking the job because jpmorgan was a client at a previous law firm. and daniel gallagher would have a conflict of interest on jpmorgan cases, too. he came from a law firm that helped jpmorgan investigate the london whale trading fiasco. such vacancies could give the s.e.c. bare number of minimum commissioners to field a quorum on certain cases which could potentially weaken the commission. s.e.c. declined to comment to the newspaper
need and is president obama correct to say that tax revenue needs to be part of that solution? >> i would say we are half way there. unfortunately, we have done easy stuff. we raised taxes on rich people and we've capped discretionary send itting without saying exactly what we would cut. we haven't done anything to reform a tax code. we haven't done anything to reform our entitlement programs. to slow overrate of growth of the economy. we have to do that or we will never get to the promise land. i think president obama is right. that we still got to have some revenue in the mix. but again, the real focus has to be on reducing these entitlement costs. that's the big deal. >> senator, you agree that we need entitlement cuts but we also need revenue as part of the last phase of this deficit reduction? >> i do, indeed. you don't have to call it a tax increase. if you go into the tax expenditures, which are these loop holes, they are really spending any other name, earmarked, $1,100,000,000 of them. you can't spend your way out of this hole and can't tax your way out of this hole or grow
, a week from now, president obama is going to do his state of the union address, okay? typically the market doesn't respond well when the president talks. then we're going to start to get into some of the nitty-gritty, some of the spending issues. that would be a perfect opportunity for the market to give half of that back. so we've had a 6% rally. why not, you know, reclaim three of that percent over the course of the next few weeks. >> do you feel like we're acting a bit bullish with regard to the markets? i get the feeling it's more buying from kaufton as opposed to selling at this point, right? >> i think that's right. first of all, you've approached a couple of psychological hurdles on the dow and the s&p. we've seen what earnings season is going to give us. we're approaching the sequester cuts on march 1st and there is an increasing belief that they're going to be triggered. and so when you add on to that the fact that payroll taxes went up and the economy is going to be pretty sluggish here in the first half of the year. so i agree with phil that we're probably going to gi
in on regular conference calls with the white house. they're among the leaders the obama administration is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for
. i think americans are going to wake up. when americans discover how bad obama care is and when obama care starts bankrupting state governments, i think you're going to see a huge rebellion against this president and his policies. >> but when -- when are they going to figure that out, senator? we've been talking about obama care for a long time now, and it's already costing businesses, you know, enormous amounts of money and stopping them from hiring any new headsed to the payroll so when are we going to figure this out in your view? when do you think that happens? >> when republicans begin to present our message better and we tell people whether you're rich, poor or middle class you'll have more jobs and more money if we leave money in your state, leave money in your pocket and that's how the economy will grow. when people figure that out, i think they will come back to the republican party, but they also have to see that what he's planning for us is -- it is bankrupting us as we speak. we're borrowing $50,000 a second and it can't go on. >> i didn't know it was a second. >> let me a
to canadian dollar weakness. watch the state of the union if president obama mentioned xl pipeline and says no go, more weakness to come for the canadian dollar. >> i'm sure the short the euro to 132. >> i'd be short aussie next week and don't be fooled by the japanese finance minister, yen will weaken. >> hopefully dollar yen will give us good fortune this week. >> your next chance for currency trade, sunday afternoon. have a great weekend. >>> i'm jim cramer. welcome to my world. >> you need to get in the game. >> he's nuts, they're nuts! they know nothing. >> i always like to say there's a bull market somewhere. >> "mad money," you can't afford to miss it. >> hey, i'm cramer. welcome to "mad money," welcome to cramerica. other people want to make friends, i'm trying to save you a little money. my job is not just to entertain you but to make you a little money. so call me. call it a pleasant day with the dow gaining 4.9 points, nasdaq falling. we hear from annie's. now i got to tell you after the hammering that haynes celestial took, what is this company? a much more expensive natural foo
. ed atorino. >>> president obama calling for smart spending cuts. but what does that mean? we'll get washington speak translated by former gop senator judd gregg? >>> and did beyonce blow out the lights at the super bowl? maybe. we'll talk about that. the superdome power outage. >>> also the beatles said money can't buy you love but can it buy you happiness? we'll see what the millionaires say. stay with us. is is for real thi. is is for real thi. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. >>> welcome back. the dow industrial it is pulling way back from friday's 14,000 peak in a significant way. let's get to bob pisani recapping the movers. >> biggest declines of the year. declines up 1.5% to 2% in all the big names. but please note compared to what happened in europe, this is small potatoes. put up some of what happened here. nothing yet in italy the oldest bank
ago blasting president obama for not having a budget yet or a plan to avoid scheduled spending cuts. eamon javers in washington with the story. >> hi, maria. we're lurching towards another fiscal showdown. march 1st, that's the new date now for the so-called sequester federal spending cuts that would be automatic and across the board. a lot of jockeying in washington yesterday and today. the preamble starts today with john boehner who took to the floor to criticize the president for being late with his budget proposal. >> this was to be the day the president submitted his budget to congress. but it's not coming. it's going to be late. and some reports say that it could be as long as a month late. i think that's too bad. our economy could use some presidential leadership right now. >> and maria, yesterday democrats offered up some thoughts of their own including the president himself in a super bowl interview suggesting the carried loophole is -- after a package of new revenues based on closing loopholes. carried interest, one thing that's very much on the table here. and obviously t
quality. so we think it's a very fair return. >> david, obama care is coming. how is that going to affect your company? >> we see obama care as driving change in the marketplace and change is good because maybe to your core question, the status quo is not acceptable. we need to take costs out of the system and increase quality. for us, focus more on services. the change in the marketplace is a positive. one of the biggest changes we see happening in the united states is the opportunity to partner with physicians, to collaborate with physicians, to drive increases in health quality. today we have over 50 collaboratives already up and running in the united states where physicians are more paid based on the quality of outcomes haves the quality of services. as a result, people are getting better quality of outcomes, better services and costs are coming out of the system. >> david, give us a -- your outlook for the year ahead and a little bit beyond that. to what extent, when washington is -- it's in the middle right now of the process of trying to find cost savings. do you expect some of tho
of the biggest power companies in the northeast and president obama now warning that drastic spending cuts could have a devastating effect on the economy. you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> welcome back. winter storm nemo striking with full force. we've got full team coverage. jackie d'angelis is standing by outside headquarters and mary thompson is outside a home depot in new jersey and jay gray is live tonight in boston. jackie, kick things off for us. >> reporter: good afternoon. moments ago governor cuomo declaring a state of emergency. as of now subways in manhattan with fully running and fully functional but we could see closures if things get worse later on. meantime, connecticut has issued a driving ban, this after its governor had also declared a state of emergency
we're here on squawk. >>> also, calls to the white house. president obama will be meeting with a dozen ceos today. and the bulls trying to battle back. it's been a good year, but now stocks coming off their worst losses this year. it's february 5th, 2013 and squawk begins right now. >>> good morning, everybody. ike becky quick along with andrew ross sorkin. joe kernen is off today so we are again joined by steve liesman. also at the table with us this morning, our guest host is andy surel. andrew just talked about the markets. stocks ending at session lows yesterday. in fact, all ten s&p sectors closed lower. yet the bulls betting this is nothing more than a bull pac. but we will have a number of powerful investors for their thoughts throughout yao the morning. jim o'neill will join us in just a few minutes. then in the next half hour, the man charged with making sdigs for how blackrock invests more than $1 trillion, the firm's chief investment strategist, russ koesterich. nouriel roubini will be joining us and we're going to ask him for his current view of the world. in t
in the next half hour. but first, sorry to do this, we have to talk politics. >>> president obama says more tax revenue will be needed to help reduce the deficit. he'll push to get rid of loopholes such as the carried interest tax break enjoyed by private equity firms and hedge funds. >> i don't think the issue right now is raising rates. the question is, if we're going to be serious about reducing our deficit, can we combine some smart spending cuts, because there's still waste in government, can we reform our health care programs in particular because we spend a lot more on health care than every other country does and we don't get better outcome. so there's a lot of waste in the system and there are things that we can do to reduce health care costs. >> asked about the contraction in fourth quarter gdp in the u.s., president obama blames the dysfunction in washington surrounding the fiscal cliff. a sharp drop in spending did over-shadow strong housing data. it followed unexpectedly strong defense spending in the fourth quarter. maybe some positive news there. tina, from citi, she's been t
away from its all-time high and a taxing debate in washington. president obama once again says he's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in
secretary pitch by obama. recreational equipment. readiness. >> yes. >> interior secretary can scale mountains. >> indeed. >> when we come back, seeking shelter from the bears. we'll find out in "mad dash." we close out the week, if the dow wants to avoid the first losing week of the year, got to close at 14,009. back in a minute. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. minutes until the last opening bell of the week. let's get cramer's "mad dash." we'll talk
for the market, since the re-election of president obama since a 12% gain in the dow. japan is looking to cash in. still worried about what we're seeing in europe. if all the companies keep debasing their currencies, where are we going, all on the same track. right now the way to put the money is put it in the u.s. japan has obviously benefitted from that. >> you have not been alone on the floor here among your trading brethren who have been skeptical of this rally as it continued. some others though have thrown in the towel and are going with the trend higher. are you still skeptical? >> i'm definitely still skeptical. >> okay. i think the risk is to the down side. if we get a 5% pullback, which would not be bad for the market, are people going to put their money to work. putting it into work when times are good. when times are bad, markets back off and that's where markets seem to accelerate. >> going out neither highs of the day with the dow up about 5.25 points here, and the s&p up a fraction right now. stand by. a lot of earnings news coming your way. plus former fdic chair sheila bair comin
republican voters, is going to be delivering the response to president obama's state of the union address next tuesday. now this, of course, is very sensible for republicans not only because he's a charismatic speaker but also because he's taking a lead role on immigration reform which is one of the high-profile elements of the agenda early in this congress, one the democrats and republicans are working together, so that would give the republicans an opportunity to showcase their own support for immigration reform and counter some of the message of the president. we've seen over and over again young stars in both parties getting chosen to respond to the president. this is marco rubio's turn. >> thanks very much. john harwood in washington. >>> the interest-rigging scandal back in the news today. kayla tausche is looking at how this story has gotten so big and how this web is growing in terms of cost as well. kayla? >> reporter: libor has been called the world's most important number since it provides the base rate off of which some $500 trillion of securities are priced each year. no surp
increases as part after deal it avoid the he is quester. two economic officials from the obama administration saying it would result in 70,000 kids being thrown off of head start in a couple of thousand fewer food inspectiones. 373,000 fewer mental health patient treated. 540 million in smaller loan guarantee. 600,000 fewer women and children receiving food assistance. this is putting pressure on congress to act because many republicans expressed the idea they could let the budget sequester take effect. some democrats suggested that is not so terrible from their point of view too. white house is trying it make a counter argument. we will see over the next couple of weeks since tsequester is du to take effect. >> how effective is this, john? we have seen the white house before where they put out the worst case scenario where they try to force things along against republican answers in some cases it backfired. what do you think this time? >> it backfired at certain times. this is a moment where the white house believes the president still has wind at his back from the election re
what the impact of obama care really is on the sector. back to you guys. >> all right. thank you, josh lipton. apple is not participating in the broader rally over the past three months. will that change anytime soon? find out how you should be playing apple and the rest of the tech sector right after this break. [ male announcer ] let's say you pay your guy around 2% to manage your money. that's not much, you think. except it's 2% every year. go to e-trade and find out how much our advice and guidance costs. spoiler alert: it's low. it's guidance on your terms, not ours. e-trade. less for us. more for you. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ >>> about an hour into trading. 7:31 on the west coast, 10:30 on the east coast. acme packet shares rallying on the news, up 22%. blackbe
to do anything for selfish reasons, so we'll move on. >>> is obama care just what the doctor ordered? we'll be talking live to mark parkinson over his concerns about the health system in the u.s. when we come back. all stations come over to mission a for a final go. this is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. >>> some of the other stories we're following today, credit suisse stock is higher after the group reported weaker than expected profits on the back of lower revenue from its investment banking unit. carolin has been tracking the results. she joins us for more in a snowy zurich. >> in a very, very cold zurich. a lot of one offs to get through like restructuring costs and accounting charges, credit charges. but let's continue the discussion with the head of financials research at sarasin. good morning to you. thank you so much for bravin
for at tleeft two months. the obama administration's decision on the keystone oil pipeline won't be made until at least june. that's according to a u.s. officials. the projects has been pending for more than 4 1/2 years. of course, we've had lots of debate about the pipeline even here around this table. >> let's check on the markets this morning. the futures are probably going to be what steady as we go. we'll see what happens at 8:30. but not bad so far. that would be getting back almost exactly what we lost yesterday. we lost about 49 points. and there's a lot of -- it was a great january, but then got that gdp number. we're warning, does it necessarily mean that the market has been wrong about the economy? or was it the one off and was it, you know, some special factors that caused that shrinkage and does it get revised back up and subsequent reports? i've heard a lot of places. this is the best negative gdp report. >> well, if you're going to have to pick a negative one, this would be it. >> but there was a lot of good stuff. >> it doesn't startle the market at all when it came out. >> i d
, president obama is going to come out and propose a short-term deferral of the so-called budget sequester. that is due to take effect on march the 1st with indiscriminate cuts in defense. he needs more time given the congressional budget process from the fiscal cliff, in order to put off the sequester, and come up with a ten-year plan. he's going to propose for several months tens of billions of dollars in both new revenue and spending cuts. this is going to be greeted skeptically from republican leaders. i just spoke with the spokesman for mr. mcconnell, the senate republican leader, who said we would love to see the president's cuts. we'll see if he can reach an agreement to put off that sequester. so far they were able to put off the debt limit which delayed some of the threat to the american economy. this is another attempt to do that. of course, the president's focus largely on immigration today, he's got meetings with the ceos of both yahoo, marissa meier, blankfe blankfein, and trying to focus on that topic. the budget is the most economic back drop at the white house. we'll see wh
kerry will now take over as secretary of state. so a lot of changes here for barack obama. obviously this is typical when you have a second term but of course it's a tricky period for any president to navigate because he's got those familiar faces now parting ways and he's got a whole new crew coming in. >> transportation, too, as my producer points out. and energy one of those that really does have implications for investing. thanks so much. >> yes. >> so is this rally going to continue? on the newsline this morning brian belsky the chief investment strategist with bmo capital markets, good morning to you. >> good morning, carl. thanks for having us. >> what do you make of today and everything that's led up to today starting at the beginning of the year? >> well, i tell you what. this is all about building, quote-unquote, street cred for equities again, rising stock prices do a lot with respect to making people feel better about the institution of equity investing. clearly, some asset allocation models have poured money back into stocks and that is why we've seen near term inflows b
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